FIFA taking projected £67million financial loss in 2015 after scandal
FIFA is projected to take a major financial blow in 2015, reports PA Sport.
After losing sponsors including Emirates, Sony, Castrol, Continental and Johnson & Johnson in wake of the widespread corruption scandal surrounding the governing body’s leadership at the highest levels, FIFA will lose around £67million, more than $100 million this year.
FIFA has not reported a financial loss since 2001, when marketing partner ISL went bankrupt. FIFA’s executive committee will meet Thursday to vote on reforms including term limits for the president and members of the executive committee and added financial transparency, with an interest in bringing in new sponsors. The organization has reportedly begun saving already to help reduce the major deficit.
In May, the U.S. justice department indicted 18 FIFA officials on corruption charges, and investigations into the organization have followed, many involving bribery and the awarding of international tournaments to host countries.